Economy

Australia has eased its sanctions against Iran, joining the world's major economies to normalize trade ties with the Islamic Republic.

South Korean steelmaker POSCO - the world's sixth-biggest steel producer - has announced a plan to help build a $1.6 billion steel mill in southeastern Iran.

Zimbabwe’s Small to Medium Enterprises and Cooperative Development Minister Sithembiso Nyoni said on Tuesday that Iran has expressed interest in partnering in a project to breed up to 2,000 ostriches in the African country.

Iran’s President Hassan Rouhani said on Tuesday that the privatization of the country’s car industry is a key mission in the economic agenda of his government – an announcement already seen by analysts as a sign that Iran is already preparing to open up its economy to world markets.

Iran on Sunday raised the possibility to force the Chinese car manufacturers out of its auto market in the next Iranian calendar year (to begin 21 March 2016).

An Iranian container ship is heading to Europe for the first time in five years, marking Tehran's return to international markets after the lifting of sanctions, an official says.

The Islamic Republic of Iran and Switzerland signed on Sunday a memorandum of understanding (MoU) on expansion of shipping and sea transport cooperation.

France Foreign Minister's Advisor, Jacques de Lajugie said that there is suitable ground for Tehran-Paris economic and industrial cooperation and it is welcomed by France.

The volume of trade exchange between Iran and China has dropped by 41% amid plunging oil prices.

Head of the Iran's National Carpet Center Hamid Kargar said here on Thursday that China is considered as the 10 main countries that import Iranian hand-woven carpets.

We are employing all our power and capacity to materialize the ‘economy of resistance’ during the6th Development Plan, said Vice President and head of Cultural Heritage Organization.

Oman has lent weight to Iran in a row over a Saudi proposal to freeze oil output at current levels, saying the Islamic Republic must be exempted from the plan.

Iranian Ambassador to Germany Ali Majedi said normalization of banking relations between the Islamic Republic and the European country will take two or three months.

Iran’s Minister of Petroleum Bijan Zangeneh hopes to open a “new chapter” in cooperation with Siemens as Europe's biggest engineering conglomerate refreshes its indelible mark in the Iranian industry.

Managing Director of Iranian Drilling Company announced that his company has held talks with 30 European and Asian firms over past several months, and said Tehran is ready to cooperate with accredited oil companies and joint drilling cooperation.

An economic analyst Monday said Iran intends to increase its daily oil product and return to the pre-sanctions time, adding that as long as it has not reached its previous position in the oil production and export market and has not retaken its quota it will not retreat.

Russia’s Energy Minister Alexander Novak on Sunday praise Iran for adopting what he described as a “constructive role” toward proposals by key producers to stabilize oil prices.

New indications have emerged that show Japan has become interested in the development of Iran’s Azadegan oil field that industrialists have for long described as the crown jewel of the country’s oil projects.

Iran expects to attract $15 billion in direct foreign investment this year as the biggest economy closed to international business since the fall of the Soviet Union is humming back to life.

In the second half of this year the Russian Navy Caspian Flotilla will visit the ports of Azerbaijan, Kazakhstan and Iran, the Commander of the Russian Caspian Flotilla, Rear-Admiral Igor Osipov, said on Sunday.

An official at the National Iranian Oil Company (NIOC) says Iran will increase its crude oil exports by 500,000 barrels per day (bpd) during the current month.

Leading Iranian car manufacturer Iran Khodro Company (IKCO) established a new line for manufacturing its Arisun pick-up in the Iraqi city of Alexandria, south of the capital Baghdad.

Iran said on Saturday that it has finalized a deal with Greece to sell as much as 60,000 barrels per day (bpd) of crude oil to the country.

Indications are growing in the United States that pistachio growers are becoming worried over what many see as an impending intense competition with their Iranian rivals.

A expert on oil and energy market said it is only fair for Iran to increase its oil production.